To authorize borrowers of loans under the William D. Ford Federal Direct Loan Program to modify the interest rate of such loans to be equal to the interest rate for such loans at the time of modification.

Student Loan Refinancing Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow a borrower of a Federal Direct Loan program loan to modify the interest rate on such a loan to the current applicable rate. That interest rate is fixed for the life of the loan, unless the borrower elects to modify it again.